• News
  • SAN DIEGO
  • Finance

Oil rises above $96; US pump prices avg. $3.31

NEW YORK (AP) -- The price of oil rose above $96 a barrel on Tuesday as global economic reports remain generally positive.

Benchmark oil rose 66 cents to $96.22 at midday on the New York Mercantile Exchange.

A U.S. government report showed that last year was the best year for U.S. home sales since 2007. Meanwhile, German investor confidence saw an unexpectedly large jump in a new survey. The Bank of Japan's announcement of more bond purchases next year also buoyed oil prices.

But it's unclear if oil can rise much higher in the near-term. Supplies of oil are ample and there remains some uncertainty about the outcome of negotiations in Washington on the U.S. debt limit. Though Republican lawmakers are expected to accept a temporary increase in the borrowing limit, a final deal is still not in sight.

Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates, said in a note to clients that recent support from bullish economic reports “could be wearing thin.” He also cautioned that economic gains in the U.S. and China might not “be translating to appreciable increases in global oil demand.”

At the pump, gasoline ticked up to a national average of $3.31 a gallon. That's still about 7 cents less than a year ago.

Brent crude, used to price international varieties of oil, was up 34 cents to $112.05 per barrel on the ICE Futures exchange in London.

In other energy futures trading in New York:

_ Natural gas fell 2 cents to $3.54 per 1,000 cubic feet.

_ Wholesale gasoline advanced 3 cents to $2.83 per gallon.

_ Heating oil rose 2 cents to $3.07 a gallon.

___

Pamela Sampson in Bangkok and Pablo Gorondi in Budapest contributed to this report.

Leave Your Comment

Comments are moderated by SDDT, in accordance with the SDDT Comment Policy, and may not appear on this commentary until they have been reviewed and deemed appropriate for posting. Also, due to the volume of comments we receive, not all comments will be posted.

SDDT Comment Policy: SDDT encourages you to add a comment to this discussion. You may not post any unlawful, threatening, defamatory, obscene, pornographic or other material that would violate the law. All comments should be relevant to the topic and remain respectful of other authors and commenters. You are solely responsible for your own comments, the consequences of posting those comments, and the consequences of any reliance by you on the comments of others. By submitting your comment, you hereby give SDDT the right, but not the obligation, to post, air, edit, exhibit, telecast, cablecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comment(s) and accompanying personal identifying and other information you provide via all forms of media now known or hereafter devised, worldwide, in perpetuity. SDDT Privacy Statement.

User Response
0 UserComments

Leave Your Comment

Comments are moderated by SDDT, in accordance with the SDDT Comment Policy, and may not appear on this commentary until they have been reviewed and deemed appropriate for posting. Also, due to the volume of comments we receive, not all comments will be posted.

SDDT Comment Policy: SDDT encourages you to add a comment to this discussion. You may not post any unlawful, threatening, defamatory, obscene, pornographic or other material that would violate the law. All comments should be relevant to the topic and remain respectful of other authors and commenters. You are solely responsible for your own comments, the consequences of posting those comments, and the consequences of any reliance by you on the comments of others. By submitting your comment, you hereby give SDDT the right, but not the obligation, to post, air, edit, exhibit, telecast, cablecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comment(s) and accompanying personal identifying and other information you provide via all forms of media now known or hereafter devised, worldwide, in perpetuity. SDDT Privacy Statement.

Subscribe Today!